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Griffon (GFF) Q4 FY2023 earnings: revenue $641 million, down 9.5% on the year

Griffon Corp. (GFF) reported revenue of $641 million for Q4 FY2023, the quarter ended 30 September 2023, down 9.5% on the same quarter a year earlier. Net income was $42 million, and diluted earnings per share $0.79. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue$641 milliondown 9.5%
Net income$42 million
Diluted EPS$0.79
QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Revenue641n/an/an/a
Cost of revenue396n/an/an/a
Gross profit246n/an/an/a
Gross margin38.3%n/an/a
Selling, general and administrative157n/an/an/a
Operating income79.4n/an/an/a
Operating margin12.4%n/an/a
Interest expense26.3n/an/an/a
Pre-tax income56.4n/an/an/a
Income tax14.4n/an/an/a
Effective tax rate25.6%n/an/a
Net income42.0n/an/an/a
Net margin6.5%n/an/a
Diluted EPS$0.79n/an/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Capital expenditure43.4n/an/an/a
Cash from financing-138n/an/an/a
Depreciation and amortisation10.0n/an/an/a
Share-based compensation12.5n/an/an/a
Buybacks65.6n/an/an/a
Dividends paid6.4n/an/an/a
Diluted shares, weighted55mn/an/an/a
Shares outstanding at period end53mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity315n/an/an/a
Debt1,470n/an/an/a
Operating lease liabilities147n/an/an/a
Finance lease liabilities0.2n/an/an/a
Other liabilities487n/an/an/a
Total liabilities and equity2,419n/an/an/a
Goodwill328n/an/an/a
Intangible assets635n/an/an/a
Cash and equivalents103n/an/an/a
Receivables312n/an/an/a
Inventory507n/an/an/a
Other assets533n/an/an/a
Total assets2,419n/an/an/a

Questions

What was Griffon's revenue in Q4 FY2023?

Griffon (GFF) reported revenue of $641 million for Q4 FY2023, the quarter ended 30 September 2023, down 9.5% on the same quarter a year earlier.

How much did Griffon earn in Q4 FY2023?

Net income for Q4 FY2023 was $42 million, and diluted earnings per share $0.79.

When did Griffon report Q4 FY2023 results?

Griffon filed its 10-K for the year that ended with the quarter on 16 November 2023; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue641643673648660632612614662649422481
Cost of revenue396407402399396368360348386382230255
Gross profit246237271249263264252265276267192226
Gross margin38%37%40%38%40%42%41%43%42%41%46%47%
SG&A157153157160152152151148157153105111
Operating income79.483.811389.3112112101-12611911387.3116
Operating margin12%13%17%14%17%18%17%-21%18%17%21%24%
Interest expense26.325.326.127.025.624.923.924.123.122.121.121.1
Pre-tax income56.460.188.661.086.997.478.6-14910190.065.092.0
Tax rate26%30%28%33%28%27%28%n/a57%28%28%28%
Net income42.042.264.141.162.570.956.8-12043.664.419.351.6
Net margin7%7%10%6%9%11%9%-20%7%10%5%11%
Diluted EPS$0.79$0.82$1.28$0.84$1.29$1.49$1.21-$2.65$0.95$1.41$0.42$1.14
Capital expenditure43.414.319.014.620.617.513.78.712.67.710.06.1
Buybacks65.681.414119.168.449.172.440.321.630.334.254.6
Dividends paid6.410.011.77.17.09.014.48.28.111.210.09.7
Shares outstanding53m51m50m49m48m48m47m47m46m47m46m45m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 16 November 2023, accession 0000050725-23-000055: the filing on EDGAR. All of Griffon Corp.'s filings: EDGAR company page.

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